The global biopesticide market is projected to reach USD 6.6 billion by 2022, according to Markets and Markets forecast, which represents a 15% CAGR during the forecast period between 2016 and 2022. Other forecasts by the industry are even more optimistic and raise this figure to 17%.
To confirm the scope of these perspectives we just need to go back to the most recent past. Between 2005 and 2010, the world market for biopesticides grew at a double-digit rate (10%): in those 5 years, it grew from USD 670 million to USD 1 billion, according to figures from BPIA, the organization grouping the world’s main biopesticides producers
The reasons strongly supporting the growth prospects of the biopesticide market are to be found in the increased global demand, the growing adoption of organic farming practices and the changes in international legislation. Asia-Pacific appears to be the region with the greatest potential for growth, not only because of its population rate but also because of its agricultural land area.
The powerful social trend towards sustainability and natural food puts the companies developing this production strategy within the agricultural industry in a position of competitive advantage. These are the 5 reasons driving the growth of the biopesticide market globally.